Fortrea (FTRE) financial statements
Fortrea reported revenue of $2.7B in fiscal 2025, down 2.9% a year over 4 years.
Net income was -$986M and the operating margin -32.0%, against 3.7% in 2021.
Free cash flow was $88M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Fortrea's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.1B | $2.8B | $2.8B | $2.7B | $2.7B |
| Cost of revenue | $2.5B | $2.1B | $2.3B | $2.2B | $2.2B |
| Gross profit | $604M | $724M | $591M | $534M | $504M |
| Selling, general and admin | $303M | $416M | $448M | $561M | $456M |
| Operating income | $114M | $187M | $32M | -$162M | -$873M |
| Interest expense | $200,000 | $200,000 | $70M | — | — |
| Pre-tax income | $136M | $187M | -$30M | -$275M | -$983M |
| Income tax | $38M | $41M | $1M | -$4M | $3M |
| Net income | $98M | $186M | -$25M | -$328M | -$986M |
| EPS (diluted) | $1.10 | $2.09 | -$0.29 | -$3.67 | -$10.81 |
| Diluted shares | 89M | 89M | 89M | 90M | — |
| Gross margin | 19.8% | 25.5% | 20.8% | 19.8% | 18.5% |
| Operating margin | 3.7% | 6.6% | 1.1% | -6.0% | -32.0% |
| Net margin | 3.2% | 6.6% | -0.9% | -12.2% | -36.2% |
Balance sheet
Fiscal years, from Fortrea's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $95M | $112M | $109M | $118M | $175M |
| Total current assets | — | $1.2B | $1.3B | $948M | $897M |
| Property, plant and equipment | — | $165M | — | — | — |
| Goodwill | $2.1B | $1.7B | $1.7B | $1.7B | $960M |
| Total assets | — | $4.3B | $4.3B | $3.6B | $2.7B |
| Total current liabilities | — | $699M | $778M | $950M | $913M |
| Long-term debt | — | $0 | $1.6B | $1.0B | $1.0B |
| Total liabilities | — | $945M | $2.6B | $2.2B | $2.2B |
| Shareholders' equity | $3.3B | $3.3B | $1.7B | $1.4B | $564M |
| Net debt | -$95M | -$112M | $1.5B | $1.0B | $878M |
Cash flow
Fiscal years, from Fortrea's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $170M | $83M | $168M | $263M | $114M |
| Capital spending | $26M | $54M | $40M | $26M | $25M |
| Free cash flow | $143M | $28M | $128M | $237M | $88M |
| Stock-based compensation | $28M | $25M | $43M | $58M | $74M |
| Net borrowing | $0 | $0 | -$15M | -$483M | -$76M |
| Free cash flow margin | 4.7% | 1.0% | 4.5% | 8.8% | 3.2% |
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Open FTRE in InvestinglyQuestions
What was Fortrea's revenue in 2025?
$2.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Fortrea generate?
$88M in fiscal 2025 (operating cash flow minus capital spending).
From Fortrea's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.